Zhang Yiming, Creator of TikTok, Is Now China’s Richest Man
In a remarkable shift atop China’s wealth rankings, Zhang Yiming — the visionary behind ByteDance and the massively popular TikTok app — is now the country’s richest person. Zhang’s rise comes amid ByteDance’s continued global expansion, with revenue soaring and its apps reaching millions of users worldwide.
The road to the top has not been without challenges, though. TikTok faces regulatory pressures and legal battles, particularly in the U.S., where concerns about data privacy and child protection have placed the app under intense scrutiny.
Who Is China’s New Richest Person?
Zhang, co-founder of ByteDance — the parent company of a little app called TikTok — now leads the Hurun China Rich List for 2024, with a net worth of $49.3 billion. Known for his role in creating TikTok, Zhang surpassed previous titleholder Zhong Shanshan, founder of Nongfu Spring beverage company, whose own net worth is a whopping $48.2 billion.
How Did Zhang Yiming Achieve His Wealth?
Zhang’s wealth surge follows ByteDance’s explosive global growth, with revenue up by 30% last year, totaling $110 billion. TikTok’s success drove ByteDance to the forefront of social media innovation, especially among young users worldwide. Zhang’s 20% stake in ByteDance and its popular apps, like Douyin and Toutiao, anchor his wealth.
Why Is TikTok Under Fire?
Despite its success (and serious scrolling suction), TikTok faces legal challenges in the U.S. tied to alleged child protection failures and national security concerns. Legislation signed in April could impose a nationwide ban if ByteDance does not divest from TikTok’s U.S. operations. Similar concerns have led to app restrictions in several other countries, including India and Australia. TikTok refutes these allegations but remains under regulatory scrutiny around the globe.
How Is China’s Billionaire Landscape Changing?
China’s billionaire count has been shrinking, with 753 U.S. dollar billionaires remaining — a significant drop from its peak in 2021. For its part, the U.S. is home to 813 billionaires — the most of any country in the world. Hurun attributes this decline to China’s economic struggles, including a real estate crisis, high government debt, and slow consumer spending. The report notes a shift from real estate moguls to tech, renewable energy, and consumer product leaders.
What Does the Future Hold for China’s Wealthiest?
The Hurun report highlights a move away from traditional industries to emerging sectors like tech and e-commerce, marking the rise of a new generation of billionaires. With economic pressures and regulatory challenges, the trajectory for China’s wealthy remains in flux, potentially creating more opportunities for entrepreneurs in digital and consumer-driven fields.